In today’s fast-paced consumer landscape, marketers increasingly need to test new product ideas more rapidly. However, says Nielsen, current fast innovation testing tools often fall short on data reliability. In fact, Nielsen found that seven out of 10 marketers who use current fast testing solutions are dissatisfied with the quality and predictive reliability of the results.
Responding to these challenges, Nielsen yesterday announced the newest addition to their innovation analytics arsenal, Concept Quick Predict. This solution lets marketers test innovations up to 3x faster than traditional methods, but without sacrificing confidence in the data, says the company.
Powered by Nielsen Factors for Success, an innovation evaluation system that is validated to be predictive of in-market performance, Concept Quick Predict allows marketers to get the most reliable evaluation of their innovation. In fact, innovations that score “Ready” or better on Nielsen Factors for Success are 5x more likely to succeed in market when compared with industry average success rates. Through software automation, Quick Predict speeds up Nielsen’s predictive analytics, equipping marketers with high-quality insights and quick answers in a matter of days.
Nielsen data shows that increased collaboration can help double consumer appeal for innovation concepts. With the launch of Concept Quick Predict, marketers can also benefit from complimentary access to Nielsen Innovation Studio, an online platform that enables teams to collaborate more effectively and develop more diverse and stronger ideas. Because Concept Quick Predict results are delivered through Innovation Studio, users also benefit from the system’s highly interactive reporting dashboards, which make it easier to visualize and digest insights.
According to Nielsen, feedback from Concept Quick Predicts’ early users has been resoundingly positive. Derron Wrubel, Consumer & Marketplace Insights Innovation Consultant, Nestle USA said, “Nestle is committed to bringing innovative new products to market by empathizing with, listening to and truly understanding our consumers wants and needs. Nielsen’s Concept Quick Predict including easy to use online collaboration features, will definitely help Nestle accelerate our new product development, by providing the same high quality analytics and predictive insights we expect from the Factors for Success framework in less time.”
“The innovation process is under great pressure, with teams being asked to launch innovations on faster timelines than ever before. At the same time, teams need to be confident the ideas they are launching will succeed,” said Joe Stagaman, Global Product Leader, Nielsen Innovation Practice. “The launch of Concept Quick Predict marks a new milestone for fast innovation tools, allowing marketers to test innovations at a rapid pace without sacrificing the predictive reliability and data quality they need to make effective innovation decisions. In essence, it offers ‘speed without compromise,’ a concept that should be the new gold standard for the industry.”
Nielsen’s Concept Quick Predict tool is available now in the U.S. and most of Europe. Additional details on availability in other global markets we be made available soon. A two-minute video explaining Concept Quick Predict is available here.
